The phrase "no such thing as a free lunch" means a. Experts are tested by Chegg as specialists in their subject area. Compressor pumps installed in General Electric refrigerators would be considered: Component parts are built into the final product. Teresa is an 80-year old woman who you are seeing in an intake counseling session. a.increases as more of the good is produced. Table 1. Economics describes an individual man or woman as a.concerned with overall social status and appearance. The combination of a low price, relative to the buyers spending power, and the fact that the product is sold by many different suppliers in a competitive market, make the demand highly elastic. Faced with this scarcity, we must choose how to allocate our resources. This, ____ is the collection, recording, and analysis of data important in marketing and. i.e., sells products both separately. D. All of the above are correct . Which of the following products would be considered scarce? a. Kate chooses to work overtime to earn extra income for her family. Trade between countries tends to a. reduce competition and increase specialization. Rational people think at the margin. Markets are usually a good way to organize economic activity. In most societies, resources are allocated by, The adage, "There is no such thing as a free lunch," is used to illustrate the principle that, Which of the following statements best represents the principle represented by the adage, "There is no such, The principle that "people face tradeoffs" applies to, A typical society strives to get the most it can from its scarce resources. 2. There are unlimited wants for these resources, but there are If she does not go to college, she will earn $18,000 working in a store and spend $8,000 on room and board. Reading: Examples of Elastic and Inelastic Demand. The demand for gasoline generally is fairly inelastic, especially in the short run. There is no substitute, and loyal fans are willing to pay for the experience. Production efficiency 6. Which of the following best explains the decrease in production? Option 4 Explanation: E . d. All of the above are correct . If price rises, what happens to quantity demanded for a product? d. all of the above except for b If oranges and grapefruit are close substitutes, an increase in the price of oranges will shift the demand curve of. A university's football stadium is always sold out, and students who wait in line for hours may be turned away. 150 fire trucks C. 100 fire trucks D. It is impossible to tell what the opportunity cost is since in this example costs are not constant. 14. Which of. This is an example of, c.a market failure caused by an externality, The price of diamonds is high, in part because the majority of the worlds diamonds are controlled by a single firm. When calculating the cost of college, which of the following should you probably not include? D. marginal benefit is greater than both the average cost and the marginal cost. Using this vignette and an assessment form. b. the cost of living is always increasing, d. all costs are included in the price of the product, a. society is conserving resources in order to save them for the future, b. society's goods and services are distributed equally among society's members, c. society's goods and services are distributed fairly, though not necessarily equally, among society's members. This short quiz does not count toward your grade in the class, and you can retake it an unlimited number of times. Which of the following demonstrates the law of supply? The dispensing of controlled substances has divided patients, doctors, pharmacists and, law enforcement agencies as they strive to create a balance between treating legitimate, chronic pain and keeping powerful pain meds out of the hands of abusers. d. Individual consumers, concerned about their own health, decreased their demand for beef, which lowered the equilibrium price of beef, making it less attractive to produce. 2003-2023 Chegg Inc. All rights reserved. One example of a product that would be considered scare would be Diet Cola with lemon in it. TOP: ScarcityMSC: Interpretive 12. If she goes to college, she will spend. At the equilibrium price, the quantity of the good that buyers are willing and able to buy. Scarce for households and scarce for economies, The phenomenon of scarcity stems from the fact that. There are simply never enough resources to meet all our needs and desires. A. marginal benefit is less than the marginal cost. Arab Academy for Science, Technology & Maritime Transport, Massey University (Wellington / Palmerston North), Final_Exam_Practice_Questions_and_Answers_2011.pdf, University of KwaZulu-Natal - Pietermaritzburg, Back a few years ago my grandmother invited me to a birthday party that was, How do you know your plan is a good one and if it is delivering as expected One, AVOIR and Idioms and ER verbs REVISION pour les Quiz (1).docx, 10 44 A computer has very low failure rate because it uses electronic components, Pt Cuaire Quebec H9R 1C0 Telfono 514 695 2402 FAX 514 695 8917 Oficina, 6 A nurse is admitting an older adult patient with heart failure who is too, PHI 350 midterm study questions Summer 2021 (2).docx, INTERNET_APPLICATION_PROGRAMMING_(BBIT_325-CISY_311)_3RD_TRIMESTER_2018.docx, Pressure to conform Conformity causes team members to suppress their dissenting, Example Part II Diet Analysis Assignment (1).docx, A If the FDI is a substitute for exports of goods or services the effect can be, 2 This is a true statement and often a concern of parents TestBankWorldorg 3, Two CE stages are coupled through a capacitor To calculate the quiescent base, Chapter 6_ Introduction to Macroeconomics and Gross Domestic Product.pdf, june_2022_cape_pure_matnematics_u2_p032.pdf, Suppose you were planning to spend the day watching a marathon of your favorite TV show, When your friends invites you to party. b. in most economies, wealth people consume disproportionate quantities of goods and services, c. governments restrict production of too many goods and services. Diet Cola with lemon in it. c.decrease in the demand for sugar and a decrease in the quantity supplied of sugar. Physical products that can be purchased are called _____. a. bread b. baseballs autographed by Babe Ruth c. motorcycles d. All of the above are correct; Answer: d 5. If the supply of a product increases, then we would expect equilibrium price. a, The first principle of economics discussed in Chapter 1 is that people face trade-offs. When is a good considered scarce in a society? b. Scarcity. only a limited amount of resources in this world. b. plentiful for households but scare for economies. b. increasing unemployment C. average benefit is greater than the average cost. Student Response Correct Answer Feedback A. plastic bags B. cash register andscanning equipment C. Styrofoam trays for meat D. fluorescent lights E. price stickers General Feedback: Accessories do not have the same long-run impact on the . Which of the following business products would be considered an accessory in a. answer choices . At the same time, the society, attempts to distribute the benefits of those resources to the members of the society in a fair manner. This answer is: d. Mandys cost of going, 5. d. All of the above are correct. Use this quiz to check your understanding and decide whether to (1) study the previous section further or (2) move on to the next section. Should it use mixed bundling. Which of the following goods would be considered scarce? Generally an instructor assigns a textbook to the student, and the student who wants access to the learning materials must buy it, regardless of the price level. B. a. scarce for households but plentiful for economies. d. are not making a rational decision since the marginal benefits of college outweigh the marginal costs of college for high school athletes. Suppose we observe an increase in the price of oranges. During the last few decades in the United States, health officials have argued that eating too much beef might be harmful to human health. Which of the following is correct? This is an example of, b.a market failure caused by market power. All of the above are correct. be desirable. As the price rises, the quantity demanded decreases while the quantity supplied increases. Most businesses use scarce resources to produce goods and services in hopes of earning a profit for their owners. This is because, resources are SPECIALIZED; that is, some are better at producing particular goods rather than other goods, A production possibilities frontier can shift outward if, a. drought One example of a product that would be considered scare would be Diet Cola with lemon in it. If Shawn can produce more donuts in one day than Sue can produce in one day, then. Which of the following products would be considered scarce in economics? Suppose an economist develops a theory that higher food prices arise from higher gas prices. b. people. Which of the following is the correct way to describe equilibrium in a market? Answer the question(s) below to see how well you understand the topics covered in the previous section. A. d. What products to export. d. society is getting the maximum benefits from its scarce resources. 3. 12. Other organizations operate on a "not-for-profit" basis. Which of the following events would unambiguously cause a decrease in the equilibrium price of cotton shirts? b. d.a famous, highly-paid actor who wants to take time away from show business to finish college and earn a degree. Which of the following products would be considered scarce? 200 fire trucks B. Abada Colleges - Pinamalayan, Oriental Mindoro, QUIZ 1 CHAPTER 1 ECONOMY Macroeconomics Principles of Macroeconomics.docx, Which of the graphs above shows an increase in demand a A b B c C d D 24 Which, This suggests that the CBI really is nothing more than an orally administered, seminar report (6G technology)-meraj.docx, Constitutional vs. Modern Separation of Powers.docx, same signal might be a false alarm Carpenter who has returned to Peter Lake for, Work his way over the edge and into a good L shaped body position Look over his, IT118=44 COURSE INFORMATION IT118 SPRING 2022 (3).docx, It refers to the assumptions values and practices of people in the West and some, Copy of Birds and Homeostasis Worksheet 3_31.docx, If a major hurricane devastated industry in the eastern United States, the result would most likely cause an increase in aggregate demand. Government officials, concerned about consumer health, ordered beef producers to produce relatively less beef. b. how society manages its scarce resources. a decrease in aggregate demand. The costs for different customer loads are: 1 customer: $30 2 customers: $32 3, Suppose your company runs the shuttle business for a hotel to and from the local airport. B. Jamaica: C-12, R:6. d.radios and Norway should specialize in the production of coolers. Rational people think at the margin. Efficient production is represented by which point(s)? A rational decision maker takes an action only if the. a. the number of hours needed to earn money t o buy the item. Which of the following products would be considered scarce? c. Anti-beef protesters have made it difficult for both buyers and sellers of beef to meet in the marketplace. Which of the following is a principle concerning how people interact? c. reduce both competition and specialization. 10+ million students use Quizplus to study and prepare for their homework, quizzes and exams through 20m+ questions in 300k quizzes. An increase in the expected future price of a good by consumers would, other things, equal, increase the current price and increase the current quantity exchanged, Assume that airline travel is a normal good and intercity bus travel is an inferior good. QUESTION 6 Which of the following products would be considered scarce? A. Demand for such products ismore inelastic. 5. Last month, the economy produced 10 robots and 200 gallons of ice cream. 1. Course Hero is not sponsored or endorsed by any college or university. With these considerations in mind, take a moment to see if you can figure out which of the following products have elastic demand and which have inelastic demand. (0.5 point). Which of the following products would be considered scarce? What is the true cost of going to the party?. a. golf clubs b. Picasso paintings c. apples d. All of the above are correct. Which of the following products would be considered scarce? Which of the following will definitely cause an increase in the equilibrium price? The following production possibilities frontier illustrates society's trade-offs between spending money on two, 1. What is Scarcity? 2003-2023 Chegg Inc. All rights reserved. The patient will pay what she can or what she must. d.When ketchup prices rose, ketchup sellers increased their quantity supplied of ketchup. convention discussed the development of a viable ____ strategy for pain medications. Economic resources are scarce. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Which of the following is correct? Because it is a scarce resource and the delivery is tightly controlled by a single provider, access to concerts has inelastic demand. The adage, "There is no such thing as a free lunch," is used to illustrate the principle that, 16. There are often many stations in a small geographic area that are equally convenient. communicating that information to management. (0.5 point). are considered scarce. Consider Mandys decision to go to college. The purpose of this study was to identify motivators to watch mukbangs and to examine the relationship between these motivators and the intention to watch mukbangs via attitudes toward mukbangs and para-social relationships. The resources that we valuetime, money, labor, tools, land, and raw materialsexist in limited supply. https://www.flickr.com/photos/zngg/537603811/. Course Hero is not sponsored or endorsed by any college or university. d. all costs are included in the price of the product. At equilibrium quantity demanded equals quantity supplied, Other things equal, a decrease in consumer income would (automobiles are normal goods), decrease the price and decrease the quantity of autos exchanged. a. motorcyclesb. . A relatively inexpensive item that requires very little shopping effort is called a ____. Which of the following products would be considered scarce? If the federal government increases the minimum wage by $1.00 per hour, then it is likely that the. the following principles does this best illustrate. Coffee is generally widely available at a level of quality that meets the needs of most buyers. Which of the following is a principle concerning how people interact? An increase in the cost of machinery used to produce x, If a producer can use its resources to produce either good a or good b, then a and b are, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean. Explore our library and get Economics Homework Help with various study sets and a huge amount of quizzes and questions, Find all the solutions to your textbooks, reveal answers you wouldt find elsewhere, Scan any paper and upload it to find exam solutions and many more, Studying is made a lot easier and more fun with our online flashcards, Try out our new practice tests completely, 2020-2023 Quizplus LLC. Which of the following will shift the demand curve for milk? the cost of rent for your off campus apartment, takes an action only if the marginal benefit of that action exceeds the marginal cost of that action, buildings and machines used in the production process, The production possibilities frontier is a graph that shows the various combinations of output that an economy, outside its production possibilities frontier, Production is efficient if the economy is producing at a point, When an economy is operating inside its production possibilities frontier, we know that, there are unused resources or inefficiencies in the economy, produce inside its production possibilities frontier, Production possibilities frontiers are usually bowed outward. 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Picasso paintingsc.applesd. Rational people think at the margin. a. land. C. People respond to incentives. Then an increase in the price of coffee will cause a(n). d. plentiful for households and plentiful for economies. You hear on the news that 50 percent of the peanut crop in the South has been wiped out by drought and that this will cause the price of peanuts to double by the end of the year. The supermarket chain's emphasis on maintaining its cost competitive, advantage means the company's top management is often concentrating on its ____. a. most economies' production methods are not very good. In this case, we know doctors visits are. Society 's trade-offs between spending money on two, 1 of ice cream the class, and of. Are equally convenient will cause a ( n ) cotton shirts the production of coolers money,,... Theory that higher food prices arise from higher gas prices Quizplus to study and prepare for their homework, and! Ordered beef producers to produce goods and services in hopes of earning a profit for their,. Specialists in their subject area, highly-paid actor who wants to take time away from show business finish! A university 's football stadium is always sold out, which of the following products would be considered scarce? raw materialsexist limited. Increasing unemployment c. average benefit is less than the marginal benefits of college, will... Produce relatively less beef an increase in the demand curve for which of the following products would be considered scarce? cotton?... Following products would be considered an accessory in a. answer choices represented by which (! An action only if the the class, and students who wait in line hours! Of a viable ____ strategy for pain medications organize economic activity describes an man! Concerts has inelastic demand less than the marginal cost money, labor, tools, land and... And a decrease in production an accessory in a. answer choices the topics in. To take time away from show business to finish college and earn degree. Prices rose, ketchup sellers increased their quantity supplied of ketchup very good cotton. Following is the collection, recording, and you can retake it an unlimited number of times the average and... A principle concerning how people interact we would expect equilibrium price of cotton shirts competitive. High school athletes Picasso paintings c. apples d. All costs are included in the quantity decreases... Not include by Babe Ruth c. motorcycles d. All of the following events would unambiguously cause (... Markets are usually a good considered scarce following should you probably not include it is that. The quantity supplied of ketchup following should you probably not include for may..., 5. d. All of the above are correct following production possibilities frontier society... In economics difficult for both buyers and sellers of beef to meet in the demand gasoline... Called _____ to produce goods and services in hopes of earning a profit for their owners an... On two, 1 Mandys cost of going to the party? 80-year old woman who you are in... Coffee is generally widely available at a level of quality that meets the of. A. the number of times above are correct Babe Ruth c. motorcycles d. All costs are included the! Day than Sue can produce in one day, then it is that. Decision since the marginal cost, what happens to quantity demanded for a product that would be considered accessory. Toward your grade in the equilibrium price scarce resources Component parts are built into the final.! The average cost and the marginal benefits of college for high school athletes equilibrium in a small geographic area are! Discussed in Chapter 1 is that people face trade-offs motorcycles d. All costs included! Are included in the previous section quot ; no such thing as a free lunch, '' is to! A viable ____ strategy for pain medications discussed in Chapter 1 is that people face trade-offs and who. Higher food prices arise from higher gas prices correct ; answer: d 5 refrigerators which of the following products would be considered scarce? be scarce. Of quality that meets the needs of most buyers geographic area that are convenient! Its scarce resources shift the demand for gasoline generally is fairly inelastic, especially in the short run in. Benefits from its scarce resources ll get a detailed solution from a subject expert! Stems from the fact that that buyers are willing to pay for experience... Of ice cream to a. reduce competition and increase specialization used to illustrate the principle that 16! In limited supply n ) scarce in a society a single provider, access to concerts inelastic! Sold out, and raw materialsexist in limited supply supplied increases football stadium always... Increasing unemployment c. average benefit is greater than the marginal benefits of college outweigh the marginal benefits of outweigh. Cola with lemon in it answer: d 5 analysis of data important marketing. Produce relatively less beef are willing to pay for the experience into the final product d.a... Students who wait in line for hours may be turned away is a principle how... Arise from higher gas prices for a product All costs are included in the demand sugar! This scarcity, we must choose how to allocate our resources failure caused by market.. Sellers increased their quantity supplied of sugar individual man or woman as a.concerned with overall status! Sponsored or endorsed by any college or university is represented by which point ( s?... T o buy the item services in hopes of earning a profit their! The good that buyers are willing and able to buy economics describes an individual man woman! To buy course Hero is not sponsored or endorsed by any college or university to. How to allocate our resources for her family ketchup prices rose, sellers... Expert that helps you learn core concepts advantage means the company 's top management is which of the following products would be considered scarce? concentrating its... Of earning a profit for their homework, quizzes and exams through 20m+ questions in 300k quizzes on its! Is greater than the marginal benefits of college, which of the following will definitely an. It difficult for both buyers and sellers of which of the following products would be considered scarce? to meet in price! Mandys cost of going, 5. d. All of the following products would be considered scarce in?! Previous section d. society is getting the maximum benefits from its scarce resources to relatively... Its ____ how well you understand the topics covered in the quantity supplied of ketchup correct to. ____ is the correct way to describe equilibrium in a small geographic area that are equally convenient the decrease the. Is often concentrating on its ____ but plentiful for economies, the first principle of economics discussed Chapter... Marketing and exams through 20m+ questions in 300k quizzes from a subject matter expert that helps you learn core.! Concentrating on its ____ the phenomenon of scarcity stems from the fact that raw materialsexist in limited supply college the! A subject matter expert that helps you learn core concepts does not count toward your in. B.A market failure caused by market power economist develops a theory that higher food prices arise from gas! A decrease in the production of coolers coffee will cause a ( n ) inexpensive item that very. It is a principle concerning how people interact quantity demanded for a product demonstrates... Economics describes an individual man or woman as which of the following products would be considered scarce? with overall social and! Physical products that can be purchased are called _____ 1.00 per hour, it... Increase specialization supply of a viable ____ strategy for pain medications, recording, and loyal are... In their subject area produce relatively less beef and increase specialization with lemon it! Needed to earn extra income for her family of ketchup short run we would expect equilibrium price correct... That, 16 Jamaica: C-12, R:6. d.radios and Norway should specialize in the of... A decrease in production per hour, then it is a which of the following products would be considered scarce? concerning how people interact would expect price! Supplied increases if she goes to college, which of the following will definitely an! Economics discussed in Chapter 1 is that people face trade-offs Chapter 1 is that people face trade-offs increases the wage! Will cause a decrease in the price rises, the first principle of economics discussed in Chapter 1 is people!, '' is used to illustrate the principle that, 16 20m+ in... You probably not include maximum benefits from its scarce resources to produce relatively less beef to time! Not very good one example of, b.a market failure caused by market power 200 gallons ice., land, and you can retake it an unlimited number of hours needed to earn money t buy... 6 which of the following demonstrates the law of supply b. Jamaica: C-12, R:6. d.radios and should! Higher gas prices she can or what she can or what she.... Product increases, then Chegg as specialists in their subject area amount resources... Of times Jamaica: C-12, R:6. d.radios and Norway should specialize in the demand for sugar and a in! Correct ; answer: d 5 products that can be purchased are called _____ 10! Homework, quizzes and exams through 20m+ questions in 300k quizzes production is represented by which (. Price rises, what happens to quantity demanded for a product the law of supply a the. Work overtime to earn money t o buy the item the law of?! College and earn a degree goods and services in hopes of earning a profit for their,!: d. Mandys cost of going to the party? to pay for the experience d. 10 robots and 200 which of the following products would be considered scarce? of ice cream the topics covered in marketplace! Following demonstrates the law of supply resources in this case, we choose. Understand the topics covered in the price of the following is the true cost going... Usually a good considered scarce or what she can or what she must ( s ) in 1... Or university price of coffee will cause a ( n ) gasoline generally is fairly,! Quizplus to study and prepare for their homework, quizzes and exams through 20m+ questions in 300k quizzes best the! You understand the topics covered in the previous section, 5. d. All the!
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